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Forex Analysis: GBPUSD Regains Foothold Above 1.60

Forex Analysis: GBPUSD Regains Foothold Above 1.60

Ilya Spivak, Head Strategist, APAC

Strategy: Flat

Prices rebounded from resistance at 1.5911 – the 38.2% Fibonacci retracement – completing a Bullish Engulfing candlestick pattern and re-taking the 1.60 figure. The bulls are now challenging falling trend line resistance set from mid-September (1.6150), with a break above that exposing double top resistance at 1.6303. A reversal below 1.60 targets 1.5911 anew. Risk/reward considerations argue against entering a trade with prices right at resistance and we will stand aside for now.

Forex_Analysis_GBPUSD_Regains_Foothold_Above_1.60_body_Picture_5.png, Forex Analysis: GBPUSD Regains Foothold Above 1.60

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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